He noted that mining companies need to present business plans for “value addition” before granting them licences and that the policy is geared towards job creation.
In his words,
“I am glad to mention that such an initiative is already on stream as some companies have already commenced operations in Nigeria.”
The minister cited Ganfeng Lithium Industry Ltd., a Chinese company currently constructing a $250 million lithium processing plant in Nasarawa State, as a prime example of the kind of investment the government seeks.
The facility is expected to process approximately 18,000 tons of lithium ore daily to produce batteries designed for electric vehicles, as stated by the minister.
Alake said the mining industry “is being modernised, and the government is investing in data collection, spending more than N15 billion over seven years to generate mineral data through a National Integrated Mineral Exploration Project (NIMEP).”
